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Flutter Entertainment touts strong start to 2021 after profit sinks in 2020 on TSG merger costs
StockMarketWire.com
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Sports betting and gaming company Flutter Entertainment touted a strong start to the new year after reporting a slump in profit in 2020 as costs associated with the TSG merger offset a sharp uptick in revenue.
For year ended 31 December 2020, pre-tax profit fell 99% to £1 million year-on-year, while revenue increased 106% to £4.4 billion.
The fall in profit was attributed to a jump in separately disclosed items to £565 million from £131 million year-on-year, driven by costs associated with the TSG merger completed last year.
Adjusted operating profit, which strips out separately disclosed items, increased 141% to £676 million.
No dividend was proposed for 2020.
Looking ahead, the company touted strong 'momentum in 2021 with growth in player volumes across all divisions,' but flagged an estimated monthly EBITDA loss of £9 million for each month that both UK and Irish retail estates remain shut as a result of the ongoing lockdown.
Revenue rose 36% year on year in the first 7 weeks of the year (to Feb. 21), the company said. The proposed German tax change would reduce contribution by £15 million-to-£25 million in 2021 if introduced from 1 July, it added.
Story provided by StockMarketWire.com
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